While there are many factors for you to consider in the rental property business, one of the most important ones is your renter. With the right renter, you can earn a steady stream of income and pay your expenses on time. However, if you have the misfortune of being matched with an unreliable renter, your revenue stream may be disrupted.
For these reasons, it’s essential to find a conscientious tenant for your apartment or condo by partnering with an experienced, professional, and hardworking enterprise like rhenti. Screening potential renters can be tiring work for a rental property owner, especially in a market where there’s a heavy demand for housing.
At rhenti, we match you with highly-quality renters by conducting credit and reference checks. We also save you time by managing viewings and by supporting digital lease signing. What’s more, we increase your market reach by marketing your property on the top rental channels in the city, including MLS.
Once you match with a good renter, you need to maintain a good professional relationship with them. Doing so will reduce your chances of running into undesirable events such as unexpected costs, revenue lost because of vacancy, or the stress of searching for a new renter. Here are some tips on how to maintain a good relationship with a renter:
#1 Remain Professional
It’s good practice to be friendly yet professional with your renter. This will help you avoid awkward situations if you must remind them of their responsibilities. Try to keep all lines of communication open. Offer a phone number in case of emergencies and try to communicate via email to keep a record of your interactions. This can help clarify any misunderstandings. A civil and professional tone will also help resolve misunderstandings.
Make sure to avoid violating housing rights. If you’re found to have discriminated against someone because of their race, religion, sex, age, sexual orientation, family status, disability or time in the country, then you may face legal problems.
If your rental property is a condominium, then hand over a copy of the condo rules when the lease is signed. If an occupant breaks these rules, they may suffer strict penalties, including eviction.
#2 Avoid False Advertising
Market your property accurately. At rhenti, our listings feature many details, including lighting, a building’s age, and room sizes. Misrepresenting your property can damage your relationship with your renter. For example, a property that’s falsely advertised as wheelchair accessible can hurt your business.
#3 Know Your Rights
It’s important to understand your local rights and responsibilities as a rental property owner to maintain a good relationship with your renter. This will help keep the expectations of both parties realistic. As the owner of rental property, you have the following rights:
- You may collect one month’s rent as a deposit. Check local regulations for more details.
- You have the right to be paid rent on time and in full. You may approach the Landlord and Tenant Board (LTB) for help if you’re not.
- You can increase the rent by a certain percentage once every 12 months.
- You can inspect your property after giving proper notice to your renter. Giving proper notice before an inspection will also keep your renter happy.
- Your renter may not sublet their home without your approval.
#2 Perform Your Duties
By performing maintenance, repairs, and seasonal upkeep in a timely fashion, you’ll have a healthier relationship with your renter. It’s also a good idea to ensure that both you and your renter are insured by a reputable company to meet any unexpected expenses on time.
Also, develop a trusting relationship with reliable contractors. If you’re hiring a new contractor to perform maintenance, repairs, or upkeep, then screen them carefully. Substandard work or undesirable activity can result in liability issues.
#3 Invest in a Good Property
You’re more likely to maintain a good relationship with your renter if they’re happy. Therefore, if you’re looking to invest in a rental property then find one that’s in good working order. A well-maintained property that’s near good schools, businesses, parks, and clean streets is also likely to have happier residents.
#4 Set the Right Price
At rhenti, we use relevant data and proven pricing techniques to help you achieve true market rates for a few reasons. The first is to help maximize your revenue. If you’re priced too high, your property may stay vacant. This is bad for your business, especially because your fixed costs will remain even when your property is unoccupied. On the other hand, if your rent is too low, you’ll be losing out on revenue.
Setting the right rental price will also keep your renters happy. A good renter is more likely to renew their lease if they are paying close to the market rate. Some property owners also consider forgoing the yearly rent increase to maintain a good relationship with their renter.
#5 Offer Amenities
If you click here to see our Downtown Toronto apartment listings – you’ll notice that most of them feature amenities such as a fridge, washer, dishwasher, dryer, air conditioner, and heating. Having these amenities will improve your relationship with your renter. You can also consider adding other options such as a microwave, wi-fi, and smart home technology.
Modern condos offer even more amenities such as a swimming pool, gym, rooftop patio, storage locker, security, concierge, elevators, wheelchair accessibility, and more. Browse our listings to see what other amenities are available for ideas on how to make your property more attractive to a good renter.
These are some of the ways to maintain a healthy relationship with a renter. Remember, respect is a two-way street. If everyone meets their responsibilities professionally and respectfully, the relationship can be stress-free and profitable for everyone.